Avanti shares jump 13% on BT/EE contract win

SimonZekaria

(Updates share price.)

LONDON--Avanti Communications Group PLC (AVN.LN) shares jumped Monday after the provider of satellite data communications services said it has won a contract to supply mobile telecommunications operator EE, part of British telecoms incumbent BT Group PLC
BT, -1.22%
with satellite capacity, in a deal with an initial value of $29 million.

Avanti said it will connect a number of cellular sites across the U.K. to EE's network using the Hylas 1 and 2 satellites to provide communications in remote areas and additional network resilience.

The contract has options to double the capacity, the company said, without disclosing financial details.

In February last year, BT agreed to acquire EE for around $20 billion in a move that returned it to consumer wireless services after exiting the business more than a decade ago.

At 0816 GMT, Avanti shares were up 13% to 103 pence, valuing the company at 134 million pounds ($196 million).

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